Step-down LLCs, cost basis, and depreciation questions

[Joe Hoppe]

If purchasing an asset via step-down LLC methodology what happens with cost basis on the other side?

Does one need to step-up the costs basis somehow to restart the depreciation benefits if past owner has likely exhausted depreciation on their basis?

Appreciate and thanks to any responses or recommendations on experts to discuss options - ideally licensed and familiar with recent proceedings in OH.